| Unit name | Philosophy of Economics |
|---|---|
| Unit code | PHIL30124 |
| Credit points | 20 |
| Level of study | H/6 |
| Teaching block(s) |
Teaching Block 1 (weeks 1 - 12) |
| Unit director | Dr. Patrick |
| Open unit status | Not open |
| Pre-requisites |
N/A |
| Co-requisites |
N/A |
| School/department | Department of Philosophy |
| Faculty | Faculty of Arts |
According to its critics, modern economics failed to predict or prevent the financial crisis; it ignores empirical evidence about our individual idiosyncrasies; and its advocacy of free markets won't make the world a better place. This course examines to what extent these criticisms are correct.
The first part of the course examines criticisms of the assumptions of economic theories. Does it matter that economists assume things which are known to be false? Do economic theories rely on the assumption that we are merely self-interested rational agents? The second part of the course examines criticisms of the goals of economic theories. Does a free market ensure that society is in a desirable state? Does the current orthodoxy in economics exacerbate inequality? In the final part of the course we will apply these ideas to four controversial areas of modern economic systems: free trade, aid, happiness and health.
By the end of the unit, students will be able to:
(1) demonstrate sophisticated knowledge and understanding of key debates within the philosophy of economics and be able to explain and critically analyze these in a sophisticated manner appropriate to level H/6.
(2) demonstrate sophisticated knowledge and understanding of arguments made in philosophical and popular economic literature and be able to explain and critically assess these in a sophisticated manner appropriate to level H/6.
(3) demonstrate research skills appropriate to level H/6.
1 lecture + 1 seminar each week
Formative: none
Summative: One 6,000 word essay (ILOs 1-3).
